Slide 1: Financial Results
Financial Results lastminute.com
Slide 2: Presenters
Presenters Alessandro Petazzi Diego Fiorentini Chief Executive Officer Chief Financial Officer
Slide 3: Safe Harbour Statement
Safe Harbour Statement The material in this presentation contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements involve certain risks and uncertainties that could cause actual results, performance, or events to differ materially from those a
Slide 4: Agenda
Agenda lastminute.com at a Glance: Q2 & H1 Highlights 01 Alessandro Petazzi Q2 & H1 2026 performance 02 Alessandro Petazzi + Diego Fiorentini Strategic Developments 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 5: lastminute.com at a glance
lastminute.com at a glance Pan-European footprint Strategic Dynamic Package Engine Competitive Edge International brands Agency model - Sell each product independently Flights Accommodation STRONG REGULATORY MOAT Transportation Hotels & vacation rentals Experiences Vacation packages PAN-EUROPEAN Adv
Slide 6: Q2 & H1 Update & Revised FY Outlook
Q2 & H1 Update & Revised FY Outlook Setting the scene Revenues grew Revised FY Outlook: June & July were Our operational despite a difficult Revenues: already improving. transformation via AI Q2 for the industry. Mid-single-digit We enter H2 with is on track. growth confidence. Adj. EBITDA: Mid-single-
Slide 7: Agenda
Agenda lastminute.com at a Glance: Q2 & H1 Highlights 01 Alessandro Petazzi Q2 & H1 2026 performance 02 Alessandro Petazzi + Diego Fiorentini Strategic Developments 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 8: Q2 & H1 2026 performance
Q2 & H1 2026 performance GTV REVENUES* GROSS PROFIT Q2 Adj. EBITDA Q2 Adj. EBITDA - +7% vs. Q2 2025 (2%) vs. Q2 2025 (8%) vs. Q2 2025 CAPEX €11.2m €6.9m Packages (5%) Packages (5%) Packages (7%) (23%) vs. Q2 2025 (29%) vs. Q2 2025 Flights +25% Flights +5% Flights (13%) +14% vs. H1 2025 +4% vs. H1 20
Slide 9: Revenues: Despite Q2 Softening H1 Revenues Increased
Revenues Despite Q2 Softening H1 Revenues Increased Q2 Revenues H1 €m (2%) +4% 2026 vs 2026 vs 2025 2025 (41%) (52%) +11% +13% +19% +5% (0%) (5%) 9 Cruise ACT25: €1.2m - Rev L4L: 91.4 vs 92.4 (1%) YoY Cruise ACT25: €2.6m - Rev L4L: 189.7 vs 180.2 +5% YoY
Slide 10: Gross Profit: Resilient overall performance despite macro headwinds
Gross Profit Resilient overall performance despite macro headwinds Q2 Gross Profit H1 €m (8%) (2%) 2026 vs 2026 vs 2025 2025 +10% (25%) (6%) (11%) (13%) +5% (7%) (2%) Gross 40.2% 37.9% 41.7% 39.2% Margin 10
Slide 11: Cost Structure: Enhancing Efficiency & Cost Base Position
Cost Structure Enhancing Efficiency & Cost Base Position €m % on Revenues Q2 26 Q2 25 Delta % H1 26 H1 25 Delta % Q2 26 Q2 25 Delta pp H1 26 H1 25 Delta pp Total Costs (80.2) (79.1) 1% (161.3) (153.9) 5% 88% 85% 3pp 85% 84% 1pp Variable Costs (56.8) (56.0) 1% (115.3) (106.6) 8% 62% 60% 2pp 61% 58% 3pp
Slide 12: Profit and Loss
Profit and Loss Revenues: Q2 Revenues: €91.4m (-2% YoY), reflecting softer market dynamics and a temporary product mix shift. H1 Revenues: €189.7m (+4% YoY). €m Gross Profit: €34.6m (vs. €37.6m in Q2 2025); margin compression was Q2 Q2 Delta H1 H1 Delta primarily driven by elevated marketing investment
Slide 13: Net Financial Position (NFP) Bridge 12 months rolling
Net Financial Position (NFP) Bridge 12 months rolling Free Cash Flow Trajectory: FCF improved vs. 2025 to €(13.3)m, reflecting enhanced working capital management and reduced NWC absorption. Change in NWC would be +€3.5m considering the Free Cash Flow: €(13.3)m same usage of credit cards. Strong Adj.
Slide 14: Agenda
Agenda lastminute.com at a Glance: Q2 & H1 Highlights 01 Alessandro Petazzi Q2 & H1 2026 performance 02 Alessandro Petazzi + Diego Fiorentini Strategic Developments 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 15: Strategic direction
Strategic direction Strengthening Dynamic Packages Market Presence Evolution 2 enablers Embracing AI Scalability + 4 core drivers Brand Portfolio Focus Travel Companion 15
Slide 16: We chose to lead the change
We chose to lead the change 25+ years adapting to every major shift in travel. AI is the next one. 1990s 2010 2026 The early days of Mobile-first booking The AI-driven era and booking travel online becomes the norm we are leading the way “AI is reshaping how travel is discovered, planned and booked a
Slide 17: AI Transformation already underway
AI Transformation already underway Real capabilities already live…and scaling across the business Shared intelligence AI Automation Governed AI at layer company wide scale Shared company context Empowering teams to Enabling teams to build enabling scalable, create workflows, apps and deploy AI agents
Slide 18: AI Transformation: Early Results Delivering Measurable Impact
AI Transformation: Early Results Delivering Measurable Impact MCP Internal 50–90% 2–3× Workflow Server tools written by Backlog Automation Claude tasks Code inventory built in days depending on completed vs. platform in bookable in with Claude, context. pre-AI. production live. Claude & not months.
Slide 19: B2B hotel partner backoffice - vibecoding
B2B hotel partner backoffice - vibecoding A full back office and B2B partner portal, front end included, built with no designers and no front-end engineers within 15 days. 19
Slide 20: The vibe data apps: empowering autonomous insights
The vibe data apps: empowering autonomous insights App 1 Vibe Data Apps is an intuitive platform designed for teams and employees to autonomously build, publish, and share App 2 interactive reports. By bypassing traditional development bottlenecks, anyone can turn App 3 raw data into shareable dashb
Slide 21: Local payment methods, built with the support of AI automation
Local payment methods, built with the support of AI automation 80% faster time to market Time to market Before: After: An end-to-end AI-powered 10 days 2 days automation orchestrated changes across seven separate systems and Engineering + manual 80% Minutes to generate + coding + pull request Reduct
Slide 22: Key Takeaways
Key Takeaways Operational Operational Executing the AI Resilience: Flexibility: Transition: Diversified European Asset-light model and Proactive operating shift footprint and offering proactive cost discipline on track: Delivers €16m absorbed market protected Q2 annual savings from headwinds. Able to
Slide 23: Revised FY26 outlook
Revised FY26 outlook REVENUES Mid-Single-Digit Mid-single digits to Adj. EBITDA approximately 10% 23 *Previous FY Outlook Revenues & Adj. EBITDA ~10%
Slide 24: Agenda
Agenda lastminute.com at a Glance: Q2 & H1 Highlights 01 Alessandro Petazzi Q2 & H1 2026 performance 02 Alessandro Petazzi + Diego Fiorentini Strategic Developments 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 25: Financial Calendar 2026
Financial Calendar 2026 Our coverage: 15 January 2026 Baader Swiss Equities Conference - Bad Ragaz Volker Bosse - Baader Bank Daniel Buerki- ZKB 12 February 2026 Announcement of preliminary unaudited FY 2025 results Ava Costello - Davy Baptiste de Leudeville - Kepler Cheuvreux 2 April 2026 Publicati
Slide 26: Thank you
Q2 2026 financial results Thank you investor.relations@lastminute.com www.lastminute.com